TD Bank forecasts acceleration in growth

CHERRY HILL - Snowstorms and freezing temperatures slowed the economy at the start of this year, however, prospects for growth will improve as spring begins, according to a new report by TD Economics, an affiliate of TD Bank.

"Economic momentum in the first quarter was restrained by a number of temporary factors, the biggest of which was an unusually cold winter,'' said TD Chief Economist Craig Alexander. "As the weather warms up, the fundamentals underpinning growth will come through. With fiscal drag less than half of what it was last year and consumer finances in the best shape in several years, economic growth is set to accelerate.''

TD Economics forecasts the economy will grow by 2.7 percent this year and 3.2 percent in 2015.